iShares MSCI ACWI Low Carbon Target ETF (CRBN) is an exchange-traded fund that seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market equities exhibiting lower carbon exposure relative to their sector peers in the broad MSCI All Country World Index. The ETF provides investors with global equity exposure optimized for reduced carbon intensity, lower carbon emissions, and meaningful sustainable impact scores; it holds approximately 1,019 stocks with top holdings including NVIDIA Corporation, Microsoft Corporation, Apple Inc., Amazon.com Inc., and Meta Platforms Inc., representing about 24.49% of assets under management. Managed by BlackRock under the iShares brand with an expense ratio of 0.20%, CRBN focuses on the sustainable investment segment, targeting institutional and retail investors interested in ESG-integrated global diversification.
Launched on December 8, 2014, and listed on NYSE Arca, the ETF operates primarily in the United States with global portfolio exposure across developed markets in North America, Europe, and Asia-Pacific, as well as emerging markets in Latin America, Asia, and other regions. As of late 2025, CRBN manages total net assets exceeding $994 million USD, delivering strong performance with a one-year total return of approximately 18.05%, three-year annualized return of 23.81%, and inception-to-date return of 10.43%. The fund emphasizes sustainability characteristics, including business involvement screening for ESG strategies as detailed in its prospectus.
In recent developments, BlackRock announced adjustments in November 2025 to relax certain ESG exclusion rules across its MSCI climate ETF range, including CRBN, to broaden investment opportunities, enhance benchmark tracking, and respond to client feedback on balancing sustainability with performance. These changes represent a strategic shift in index methodology for the MSCI ACWI Low Carbon Target Index, tightening alignment with parent benchmarks while maintaining lower carbon exposure. Amid ongoing asset growth to over $1 billion at points in 2025, the ETF continues to position within BlackRock's expanding suite of climate-focused offerings.